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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Appraisal Report


Synonyms:assessment report, cost summary, pricing statement, survey, value judgement
Filed Under: mortgages, real-estate
Tags: appraisal, mortgage, realty
 

Definition of appraisal report

appraisal report
1. A detailed evaluation a property's value that is typically conducted by a professional. The report is then based on an inspection of the property and a review of nearby, comparable properties along with their values.

Related Terms and Acronyms:

  • appraisal   An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
  • appraised value   An educated opinion of how much a property is worth.
  • appraiser   A person qualified by education, training, and experience to estimate the value of real property and personal property.
  • credit report (CR)   A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
      ➥  A report that outlines the credit worthiness of an individual or entity.
  • inspection   A critically and carefully performed examination.
  • inspection report   The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • property report   A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
  • survey (srvy)   A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
      ➥  As in surveyed land.

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